Jaitley said these savings would allow the government to direct further spending towards infrastructure and road networks across the country.

Even Nouriel Roubini -- the famed economist dubbed Dr. Doom for predicting the U.S. housing crisis in 2006 -- called the Indian economy "robust," and said it was in an economic "sweet spot."

Of course, it's not all smooth sailing.

India must continue streamlining regulations, supporting start-ups and developing skilled workers, said Roubini and others including Indian businessman Sunil Mittal and Cisco(CSCO) executive chairman John Chambers.

Stress in the banking sector must also be dealt with, as some Indian banks havebeen hurt by crashing commodity prices.

The government is also under pressure to finalize a plan to modernize India's goods and services tax, which would help smooth trade and standardize costs. The legislation has been slowed by protests from opposition parties.